10/31/2022 0 Comments Lucid electric car![]() ![]() ![]() Luxury electric vehicle maker Lucid Motors on Monday agreed to go public by merging with blank-check firm Churchill Capital IV Corp in a deal that. Lucid Motors to go public in $24-bln mega SPAC deal Lucid Motors, a US-based electric car manufacturer, announced that it would be entering select markets in the Middle East, starting with Saudi Arabia. Saudi PIF-backed electric car company Lucid Motors enters Saudi Arabia, UAE markets The PIF had also invested in many big-ticket projects and institutions, such as the Blackstone Infrastructure Fund, Virgin Galactic, and the Softbank Vision Fund. ![]() and about two-thirds that of Ford Motor Co., which delivered more than 4 million cars last year, WSJ reported.īack in 2018, under the directive of Saudi Crown Prince Mohammed bin Salman and as per the plan for diversifying the Kingdom’s economy under Vision 2030, PIF had invested in tech startups, including a $3.5 billion investment in ride-hailing company Uber Technologies Inc. Wall Street Journal (WSJ) says that oil major Saudi Arabia will become the biggest winner from this IPO, likely to record a profit of nearly $20 billion on a $2.9 billion investment made in 2018 in the San Francisco Bay Area electric-car maker Lucid Motors Inc.Īccording to the WSJ’s estimates, the Saudi Public Investment Fund (PIF) will own over 60 percent of the company, which is expected to have a market capitalization of about $36 billion, based on the SPAC’s current share price.Įven though Lucid will only start production later this year, its expected market capitalization is nearly twice the valuation of Nissan Motor Co. Luxury electric vehicle maker Lucid Motors had, in February this year, agreed to go public by merging with special-purpose acquisition company Churchill Capital IV Corp, according to Reuters.įor the latest headlines, follow our Google News channel online or via the app. is set to list publicly after its merger with a special-purpose acquisition company (SPAC) on Friday. The investing world’s eyes will be fixated at the payout from the recent electric-vehicle startup boom in North America when Lucid Motors Inc. ![]()
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